Today Chancellor Rishi Sunak has announced new support for businesses in retail, hospitality and leisure affected by the latest restrictions.
One-off top-ups will be granted to businesses that have had to close under the latest restrictions, and are as follows:
· £4,000 – businesses with a rateable value of £15,000 or under
· £6,000 – businesses with a rateable value between £15,000 and £51,000
· £9,000 – businesses with a rateable value of over £51,000
1. Coronavirus grant due to national restrictions (for closed businesses)
· £1,334 – businesses with a rateable value of £15,000 or under
· £2,000 – businesses with a rateable value between £15,000 and £51,000
· £3,000 – businesses with a rateable value of over £51,000
This grant was distributed in tier two where businesses were not forced to close but were affected by the reduced demand.
· £934 – businesses with a rateable value of £15,000 or under
· £1,400 – businesses with a rateable value between £15,000 and £51,000
· £2,100 – businesses with a rateable value of over £51,000
The CJRS will pay 80% of an employee’s salary up to max £2,500.
For small businesses the bounce back loan is between £2,000 and £50,000. There is no payment required for the first 12 months and the Government will cover any fees and interest for the first year.
Third grant for Nov 2020 to Jan 2021 – Payment of 80% of the average trading profit for three months up to max £7,500.
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